Ted Baker issues profit warning as CEO and chairman step down
Ted Baker has issued a profit warning and announced that its chief executive and chairman have both stepped down.
Chief executive Lindsay Page has been succeeded by Rachel Osborne who has agreed to take the role on an acting basis.
Meanwhile, executive chairman David Bernstein has been replaced by Sharon Baylay who has assumed the role of acting chair until a permanent successor is appointed.
Ted Baker has issued the profit warning after trading in November and over the Black Friday period was below expectations. The company now says it expects full year pre-tax profit to come in at between £5 million and £10 million. This compares to an initial forecast of £28.4 million.
The company has also revealed that it has engaged independent consultants Alix Partners to conduct a review of its operational efficiency, costs and business model as it looks to get back on track. A review of Ted Baker’s assets is already underway.
Last week, Ted Baker revealed that it may have overstated the value of its inventory by up to £25 million.
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